Global Tire Cord Fabric Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global tire cord fabric market is estimated to garner a revenue of ~USD 14 billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 7 billion in the year 2021. The growth of the tire cord fabric market is primarily attributed to the expansion of automotive industry in the recent years. According to the India Brand Equity Foundation, the India automotive industry is projected to rise up to USD 285 billion by 2026. Further, the global automotive industry is expected to reach approximately USD 9 trillion by 2030.
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Tire cord fabrics are substantial structure components of automotive that provide strong support to tires and help in maintaining its shape. Generally, they are made of nylon and rayon chords that provides high tensile strength, abrasion resistance, and controlled deformations. Tire cord fabrics are manufactured through a variety of processes such as yarn twisting, dipping, and weaving. The installation of tire cord fabric in tires enhances on-road performance, and impact resistance from extreme pressure, weight, and force. The high number of vehicles in the roads is expected to increase the usage of tire cords which is further projected to propel the market size in the forecast period. By the end of the first quarter of 2022, it was estimated that there were approximately 1.45 billion vehicles on the roads across the globe. Out of these, around 1 billion are estimated to be passenger cars.
Global Tire Cord Fabric Market: Growth Drivers and Challenges
Rise in Demand and Production of Vehicles - As per the Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80,145,988 units in 2021. This is a rise from 77,711,725 units in 2020.
Prevalence of Road Accidents - High number of deaths in road accidents occurring globally generates the need of enhanced on-road performance, and impact resistance from extreme pressure, weight, and force through tire cord fabrics. This is estimated to fuel the expansion of tire cord market size. In 2022, the World Health Organization revealed that globally, approximately 1.3 million people die each year due to road traffic crashes.
Burgeoning Population with Medical Income – Growing population with middle income is projected to raise the adoption of tire cord fabrics for their vehicle tires. According to the World Bank, the total population with middle income in the world rose from 5.51 billion in 2015 to 5.86 billion in 2021.
Increased Sales and Demand of Luxury Cars – The global sales of luxury cars are estimated to rise to 200K vehicles in 2026, a rise from 192K vehicles in 2022.
Growth in Production of Sports Cars – As per estimations, the sports cars sales are anticipated to augment to 919K vehicles in 2026. This is an increase from 835K vehicles in 2022.
- Constant Fluctuation in Costs of Raw Materials
- Increased Preference for Re-Treading in the Commercial Vehicle Segment
- Low Awareness about Tire Cord Fabrics
The tire cord fabric market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, heavy duty vehicles, two wheelers, tractors, and others. Out of these, the passenger cars segment is anticipated to garner the highest revenue by 2031, owing to its increased sales and production worldwide. As per the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, 49,761,621 new passenger cars were sold and 57,054,295 passenger cars were produced across the globe.
Global Tire Cord Fabric Market Regional Synopsis
Regionally, the global tire cord fabric market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031 on the back of increased demand for vehicles among the population. As per the International Organization of Motor Vehicles, the total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region was 42,663,736 units in 2021, a rise from 40,322,544 in 2020. In addition, the presence of major key players and leading exporters and importers of vehicles in the region is expected to offer growth opportunities for the market growth in the forecast period. In 2021, China exported around 402,000 commercial vehicles and 1.6 million passenger vehicles.
The global tire cord fabric market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global tire cord fabric market includes the following segments:
By Tire Type
By Vehicle Type
Top Featured Companies Dominating the Global Tire Cord Fabric Market
- Indorama Ventures Public Company Limited
- Company Overview
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- Kolon Industries, Inc.
- Mitsubishi Chemical Corporation
- Hyosung Group
- Toray Industries, Inc.
- Solvay SA
- SGL CARBON SE
- Bridgestone Corporation
- Arkema group
- KORDSA TEKNÄ°K TEKSTÄ°L ANONÄ°M ÅžÄ°RKETÄ°P
- BASF SE